Why Heineken Stock Is Skyrocketing Today
Shares of Heineken (OTC: HEINY) are flying higher on Wednesday. The company's stock had gained 13.9% at 11:45 a.m. ET but was up as much as 14.3% earlier in the day. The gain comes as the S 500 dropped 0.7% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 0.4% on the day.
The beverage giant reported better-than-expected year-end earnings before the market opened on Wednesday. The company also announced a substantial stock buyback.
For 2024, Heineken delivered diluted earnings per share (EPS) of $5.07 on sales of $37.3 billion. The Dutch brewer expanded margins, growing its operating profit by 8.3% year over year, well above analysts' estimates of 5.3% and surpassing Heineken's own guidance.
Source Fool.com
